India’s move to cut import duty on alcoholic beverages in the Budget while simultaneously imposing an Agriculture Infrastructure and Development Cess (AIDC) of equal measure may have been taken anticipating demand by UK and the European Union to lower tariffs on alcoholic beverages under future free trade agreements (FTAs).
The FY22 Budget cut customs duty on alcoholic beverages to 50% from 150% and simultaneously imposed 100% AIDC keeping the overall tax unchanged. Read More.
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